Technology & Innovation
4 ways cloud software can enhance your practice
There’s no shortage of talk advising practices to move to the cloud. So why should you adjust processes and methods that have served your practice for years?
The potential for improving the quality of service for your firm is so massive and unavoidable that, for any accounting practice that hasn’t yet made the switch, the cloud becomes an elephant in the room.
How much longer can you ignore the cloud? Here are four reasons why your firm should consider making the switch:
1. Save time and work on the go
“The files and emails I need are on the computer back at the office.”
Nearly all of us have been guilty of offering this apology.
With cloud accounting practice software, you can access your client and practice data on the go, from a web-connected laptop.
There’s no more need for lengthy meetings to hand off paperwork to your team, or follow up meetings to discuss progress. All your team needs is right there in the cloud.
2. Deliver business advisory services
Many accountants are embracing the idea of the ‘365 firm’ – one that strives to be its clients’ most trusted business partner all year round.
However, staying up to date with your clients’ financial activities is time-consuming. Sending files back and forth and having face-to-face meetings make delivering year-round advice difficult.
Allowing you to access client and practice data on a web-connected laptop, cloud software makes it possible to work on the go and cut down on time exchanging files with clients.
Your clients can also access relevant files at any time, eliminating the need for time-consuming emails and the expense of postage.
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3. Boost productivity with Artificial Intelligence (AI)AI will increasingly play a critical role in the life of the accountant, helping them perform manual tasks, reduce paperwork, and better manage their clients’ financials.
AI-driven chatbots – which allow users to ask questions and issue commands via online messaging services – are the next advancement to expect in cloud accounting practice software.
Sage is at the forefront of this trend, last year launching Pegg, the world’s first accounting chatbot. Pegg allows accountants to manage their clients’ financials through conversation. It can digitise information like receipts, eliminating the need for paper and data entry.
Watch this space as Pegg is set to be integrated into Sage cloud accounting practice software in the near future.
4. Protect your critical data
Consider if all your compliance data, contacts, billing information, and files were lost – the personal and professional cost would be impossible to calculate.
Cloud software stores all your critical data in the cloud, which insures against this kind of catastrophic loss.
Automatic daily backups and data encryption ensure all your critical information is up to date and secure. And as your data is stored offsite, you can continue business as usual even in the event of a fire or power outage.
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